Wealthy Americans Are Renouncing Citizenship In Record Numbers

[mystery-ak]

Wealthy Americans Are Renouncing Citizenship In Record Numbers


Varun Hukeri
General Assignment & Analysis Reporter
August 05, 2021 12:12 PM ET


The number of Americans who renounced their citizenship hit a record high in 2020 and has continued to increase in 2021.

Andrew Mitchel, an international tax attorney who tracks the numbers, found there were 6,707 individuals who renounced their U.S. citizenship in favor of a foreign country in 2020, Axios first reported Thursday. That number is a 237% increase compared to 2019 and considerably higher than any year dating back to 1998.

The latest figures this year, compiled by an Internal Revenue Service (IRS) quarterly registry, found there were 734 individuals who renounced their U.S. citizenship in the second quarter of 2021. That number is a roughly 200% increase compared to the first quarter.

Individuals who renounce their U.S. citizenship tend to be wealthy and are often aiming to reduce their tax burden, according to Axios. Ashkan Yekrangi, an immigration attorney, told the outlet “the bulk of cases are individuals trying to avoid tax liability.”

The IRS list of people who have renounced their citizenship or permanent residency, for example, only includes people with global financial assets of more than $2 million.

more
https://dailycaller.com/2021/08/05/wealth-americans-renounce-citizenship-record-numbers/

[cato potatoe]

I am not surprised by the backlog of 25,000 applicants.  For many wealthy taxpayers, it's worth paying the 23.8% tax on gains under current law, rather than subject them to future confiscation. 

[berdie]

I can't, in my wildest dreams, imagine renouncing my American citizenship...even if I were as rich as Midas.

[GtHawk]

I can't, in my wildest dreams, imagine renouncing my American citizenship...even if I were as rich as Midas.

Well it's not as bad as you think, they're probably democrats who figure they can and will still vote.

[Kamaji]

If I were independently wealthy, I'd be out of here in a heartbeat.

[LegalAmerican]

Well it's not as bad as you think, they're probably democrats who figure they can and will still vote.

AND...they need to leave AMERICA.  They have forfeited any RIGHT...as an American. 

[goatprairie]

If I were independently wealthy, I'd be out of here in a heartbeat.

Why?

[Kamaji]

Why?

Because I'm sick and tired of the bullshit, and I don't really want to spend my retirement years getting swirled around the toilet bowl while this country hits bottom - I'll be dead by the time we start to finally recover from the left-wing nonsense that's being foisted on us know.  It's going to get a whole lot uglier before it starts to get better.  And those with some middling amount of wealth will be the hardest hit.  Think Argentina under the Kirchners, but on steroids.

[Bigun]

Why?

It's not a new thing by any means but it is accelerating. I strongly suggest the following for your reading pleasure:

http://www.actionamerica.org/taxecon/ticktick.shtml

[cato potatoe]

If I were independently wealthy, I'd be out of here in a heartbeat.

Freedom can be enjoyed on foreign shores.  It won't be like America was, but it will beat what America is transitioning into.
According to Heritage, we have fallen to 20th in freedom, nearly identical to Sweden.  My choice would be Switzerland (although learning a foreign language at middle age would be rough), followed by Australia, New Zealand, and Ireland.

[LegalAmerican]

If I were independently wealthy, I'd be out of here in a heartbeat.

Where would you go?  WE.....ARE.....IT!   

[Kamaji]

Freedom can be enjoyed on foreign shores.  It won't be like America was, but it will beat what America is transitioning into.
According to Heritage, we have fallen to 20th in freedom, nearly identical to Sweden.  My choice would be Switzerland (although learning a foreign language at middle age would be rough), followed by Australia, New Zealand, and Ireland.

Exactly.  I wouldn't be too worried about the language barrier in Switzerland; plenty of Swiss speak pretty decent English; it would make transitioning to German, Italian, or French (whichever suits where one moves to) easier.

I, personally, would also consider Uruguay.

[Kamaji]

Where would you go?  WE.....ARE.....IT!   

Not really.  Uruguay is one option.

[LegalAmerican]

Freedom can be enjoyed on foreign shores.  It won't be like America was, but it will beat what America is transitioning into.
According to Heritage, we have fallen to 20th in freedom, nearly identical to Sweden.  My choice would be Switzerland (although learning a foreign language at middle age would be rough), followed by Australia, New Zealand, and Ireland.

They speak all kind of languages in the Sweitz. English.  Our tour guide spoke 7 languages.  I had to listen to the same stuff in 2 languages, I understood.  lol 

[catfish1957]

I can't, in my wildest dreams, imagine renouncing my American citizenship...even if I were as rich as Midas.

What if same country was confiscating all your wealth?

[240B]

I am not surprised by the backlog of 25,000 applicants.  For many wealthy taxpayers, it's worth paying the 23.8% tax on gains under current law, rather than subject them to future confiscation.

Exactly right. The wealthy are being advised by their financial managers that a wealth tax is coming, along with property and asset confiscation. They are simply leaving for more politically and finacially stable societies which respect their police and do not have rampant violent crime in the streets.

[art.prout]

Hungary is looking good.

[catfish1957]

Hungary is looking good.

Watched Tucker Carlson this last week, haven't you?   
If forced (aka 401K confiscation), I've had my eye on Australia or NZ. Gun laws suck though.

[berdie]

What if same country was confiscating all your wealth?

I think most foreign countries do the same in various ways.

[LegalAmerican]

I think most foreign countries do the same in various ways.

 

[GtHawk]

Hungary is looking good.

Hungary allows dual citizenship so being the child of two Hungarian citizens I could become a Hungarian citizen without jumping through the normal hoops. Of course I have no wealth to speak of so no reason to run.

[sneakypete]

AND...they need to leave AMERICA.  They have forfeited any RIGHT...as an American.

@LegalAmerican

So what? American is full of people who aren't American citizens,and the Dims and RINO's are importing more with every day that passes.

[sneakypete]

Watched Tucker Carlson this last week, haven't you?   
If forced (aka 401K confiscation), I've had my eye on Australia or NZ. Gun laws suck though.

@catfish1957

BAD choices. The Chinese have their eyes on all of Asia,including the round-eye parts,and there is literally no one to stop them.

[sneakypete]

I think most foreign countries do the same in various ways.

@berdie

Not true. Most foreign countries only hammer the working classes,and leave the wealthy alone.

[catfish1957]

@catfish1957

BAD choices. The Chinese have their eyes on all of Asia,including the round-eye parts,and there is literally no one to stop them.

Not if they decide to confiscate (steal) 401 k's. I'll take my chances.